Envestnet Asset Management Inc. Has $25.42 Million Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Envestnet Asset Management Inc. trimmed its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,920 shares of the insurance provider’s stock after selling 776 shares during the quarter. Envestnet Asset Management Inc. owned about 0.22% of RenaissanceRe worth $25,421,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe during the 4th quarter worth about $27,000. Jones Financial Companies Lllp raised its holdings in RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 127 shares during the last quarter. Tsfg LLC bought a new stake in RenaissanceRe during the 1st quarter worth about $40,000. Huntington National Bank raised its holdings in RenaissanceRe by 179.3% during the 4th quarter. Huntington National Bank now owns 257 shares of the insurance provider’s stock worth $64,000 after purchasing an additional 165 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in RenaissanceRe by 165.1% during the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 289 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RNR shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $268.00 price target (down from $282.00) on shares of RenaissanceRe in a research report on Wednesday, July 9th. Jefferies Financial Group dropped their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Barclays upgraded shares of RenaissanceRe from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $231.00 to $256.00 in a report on Monday, July 7th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price on the stock in a report on Tuesday, April 8th. Finally, Bank of America dropped their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $288.00.

Insider Activity

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the transaction, the chief accounting officer directly owned 27,154 shares in the company, valued at $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.00% of the company’s stock.

RenaissanceRe Stock Down 1.5%

NYSE:RNR opened at $236.11 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe Holdings Ltd. has a one year low of $210.51 and a one year high of $300.00. The firm’s 50 day simple moving average is $243.64 and its 200 day simple moving average is $242.08. The company has a market cap of $11.49 billion, a PE ratio of 7.53, a P/E/G ratio of 2.89 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $12.18 EPS. On average, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Friday, June 13th. RenaissanceRe’s payout ratio is 5.10%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.